Pfizer 2007 Annual Report Download - page 55

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2007 Financial Report 53
Notes to Consolidated Financial Statements
Pfizer Inc and Subsidiary Companies
9. Other Comprehensive Income/(Expense)
Changes, net of tax, in accumulated other comprehensive income/(expense) follow:
NET UNREALIZED GAINS/(LOSSES) BENEFIT PLANS
___________________________________________ ___________________________________________________________________
ACCUMULATED
CURRENCY OTHER
TRANSLATION DERIVATIVE AVAILABLE- PRIOR SERVICE MINIMUM COMPREHENSIVE
ADJUSTMENT FINANCIAL FOR-SALE ACTUARIAL (COSTS)/CREDITS PENSION INCOME/
(MILLIONS OF DOLLARS) AND OTHER INSTRUMENTS SECURITIES GAINS/(LOSSES) AND OTHER LIABILITY (EXPENSE)
Balance, January 1, 2005 $ 2,594 $ (1) $ 266 $ — $ — $(581) $ 2,278
Other comprehensive expense:
Foreign currency translation adjustments (1,476) — — — — — (1,476)
Unrealized holding losses — (148) (68) — — — (216)
Reclassification adjustments to income — (11) (157) — — — (168)
Other (5) — — — — (33) (38)
Income taxes — 53 42 — — 4 99
(1,799)
Balance, December 31, 2005 1,113 (107) 83 — — (610) 479
Other comprehensive income:
Foreign currency translation adjustments 1,157 — — — — — 1,157
Unrealized holding gains — 126 63 — — — 189
Reclassification adjustments to income(a) (40) 5 (64) — — — (99)
Other (3) — — — — (16) (19)
Income taxes — (50) 14 — — — (36)
1,192
Adoption of new accounting standard,
net of tax(b) — — — (2,739) (27) 626 (2,140)
Balance, December 31, 2006 2,227 (26) 96 (2,739) (27) — (469)
Other comprehensive income:
Foreign currency translation adjustments 1,735 — — — — — 1,735
Unrealized holding losses — 3 (43) — — — (40)
Reclassification adjustments to income(a) (96) 3 (8) — — — (101)
Actuarial gains and other benefit plan items — — — 1,374 11 — 1,385
Amortization of actuarial losses and other
benefit plan items — — — 248 7 — 255
Curtailments and settlements—net — — — 268 (5) — 263
Other 6 — — (62) (6) — (62)
Income taxes — (12) 9 (656) (8) — (667)
2,768
Balance, December 31, 2007 $ 3,872 $ (32) $ 54 $(1,567) $(28) $ — $ 2,299
(a) The currency translation adjustments reclassified to income result from the sale of businesses.
(b) Includes pre-tax amounts for
Actuarial losses
of $4.3 billion and
Prior service costs (credits) and other
of $27 million. See also
Note 14. Pension and
Postretirement Benefit Plans and Defined Contribution Plans.
Income taxes are not provided for foreign currency translation
relating to permanent investments in international subsidiaries.
As of December 31, 2007, we estimate that we will reclassify into
2008 income the following pre-tax amounts currently held in
Accumulated other comprehensive income/(expense): virtually
all of the unrealized holding losses on derivative financial
instruments; $138 million of Actuarial gains/(losses) related to
benefit plan obligations and plan assets; and $3 million of Prior
service (costs)/credits and other related primarily to benefit plan
amendments.